Correlation Between Sanbo Hospital and Dr Peng
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By analyzing existing cross correlation between Sanbo Hospital Management and Dr Peng Telecom, you can compare the effects of market volatilities on Sanbo Hospital and Dr Peng and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Sanbo Hospital with a short position of Dr Peng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Dr Peng.
Diversification Opportunities for Sanbo Hospital and Dr Peng
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and 600804 is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Dr Peng Telecom in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dr Peng Telecom and Sanbo Hospital is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Sanbo Hospital Management are associated (or correlated) with Dr Peng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dr Peng Telecom has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Dr Peng go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Dr Peng
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.08 times more return on investment than Dr Peng. However, Sanbo Hospital is 1.08 times more volatile than Dr Peng Telecom. It trades about 0.13 of its potential returns per unit of risk. Dr Peng Telecom is currently generating about 0.11 per unit of risk. If you would invest 3,010 in Sanbo Hospital Management on October 18, 2024 and sell it today you would earn a total of 1,444 from holding Sanbo Hospital Management or generate 47.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Dr Peng Telecom
Performance |
| Timeline |
| Sanbo Hospital Management |
| Dr Peng Telecom |
Sanbo Hospital and Dr Peng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Dr Peng
The main advantage of trading using opposite Sanbo Hospital and Dr Peng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Dr Peng can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Dr Peng will offset losses from the drop in Dr Peng's long position.| Sanbo Hospital vs. Masterwork Machinery | Sanbo Hospital vs. China Publishing Media | Sanbo Hospital vs. Sinomach General Machinery | Sanbo Hospital vs. Beijing Enlight Media |
| Dr Peng vs. Suzhou Oriental Semiconductor | Dr Peng vs. StarPower Semiconductor | Dr Peng vs. Tongxing Environmental Protection | Dr Peng vs. GigaDevice SemiconductorBeiji |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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